by Staff & Wire Reports | Hooters Casino Hotel in Las Vegas today announced its first quarter operating results which included a slight decline in net revenues over 1Q2007, although gaming revenues actually increased.
Net revenues were $16.1 million during the first quarter compared to net revenues of $17.2 million in the first quarter of 2007. Net revenues declined in spite of an increase in gaming revenues, due largely to a decrease in room rates.
Casino revenues increased by $0.3 million to $6.4 million for the quarter ended March 31, 2008, compared to $6.1 million for the quarter ended March 31, 2007.
The increase was attributed to successful casino promotions that brought in more casino customers. The revenue increase contrasted a statewide revenue decline of 3% on the Las Vegas Strip.
Adjusted EBITDA was $3.0 million in the first quarter of 2008, which compares to $2.4 million in the same quarter last year, an increase of 21% as a result of $1.7 million savings in operating expenses.
"During the first quarter of 2008 we were pleased to see an increase in gaming revenues as well as a decrease in operating expenses," stated Gary Gregg, chief operating officer. "Given the context of declining gaming revenues and descending average room rates throughout the Las Vegas market, we are encouraged by our first quarter results and cautiously optimistic as we look ahead."
For a more detailed look at Hooters first quarter results, check next week’s GamingToday, available May 20.